Revocable Living Trust

Perhaps the most common type of trust is the revocable living trust. As the name implies, revocable trusts are fully revocable at the request of the trust maker. Thus, assets transferred (or ‘funded’) to a revocable trust remain within the control of the trust maker; the trust maker (or trust makers if it is a joint revocable trust) can simply revoke the trust and have the assets returned. Revocable trusts can be excellent vehicles for disability planning, privacy, and probate avoidance.

A Revocable Living Trust based estate plan provides instructions that will allow you to:

Control your property while you are alive

Take care of you and your loved ones in the event of disability

Pass your property to your heirs when and how you want while maintaining privacy

Ensure that you and your spouse have sufficient assets to maintain your standard of living now and in retirement.

Maintain maximum control and flexibility during your lifetime.

Provide for you in the event you become disabled.

Simplify administration as much as possible upon your death or disability (avoiding probate & guardianship).

Avoid having your private matters being made public unnecessarily.

Ensure that the efforts you desire are used to save your life.

Have your property continue to benefit the survivor after one of you dies.

If married, protect your assets so that they cannot be lost as a result of remarriage after the death of one of you.

Ensure that the persons you select in fact become the guardians of your minor children.